Fitch Affirms Key Commercial Mortgage Securities 2007-SL1

2008-04-14 23:57:35 -

- Fitch Ratings has affirmed Key Commercial Mortgage Securities Trust 2007-SL1, commercial mortgage pass-through certificates as follows:

--$30.6 million class A-1 at 'AAA';

--$91.7 million class A-2 at 'AAA';

--$78.8 million class A-1A at 'AAA';

--Interest-only class X at 'AAA';

--$5.3 million class B at 'AA';

--$5.6 million class C at 'A';

--$4.8 million class D at 'BBB+';

--$2.1 million class E at 'BBB';

--$1.8 million class F at 'BBB-';

--$1.2 million class G at 'BB+';

--$1.2 million class H at 'BB';

--$891 thousand class J at 'BB-';

--$593 thousand class K at 'B+'.

Fitch does not rate the $4.8 million class L.

The rating affirmations reflect the stable performance. As of the March 2008 distribution date, the pool has paid down 3.5%, to $237.5 million from $229.3 million at issuance. There have been no specially serviced loans delinquencies since issuance.

The transaction is secured by 151 small balance loans with interest rates ranging from 5.7% to 8%. Approximately 92% of the loans are full recourse to the sponsor. Most of the loans do not have reserve and escrow structures. The pool is concentrated geographically in Washington (56.1%) and Ohio (19.4%).

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Fitch Ratings, New York
Jeffrey Diliberto, 212-908-9173
Adam Fox, 212-908-0869
or
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